Olympus faced multinational regulators survey
Olympus faced multinational regulators survey
Article by Phyllis
Japan Olympus optical industry company newly appointed President GaoShanXiu a 27 still insists that the company pay the purchase G yrus consulting fees legitimate, Olympus and no illegal behavior. The Pope three years ago to consulting agency paid amazing Olympus remuneration case, has become Japan, the United States and Britain securities supervision and criminal investigation object.
In 2008, the Olympus .2 billion acquisition of a British medical equipment manufacturers G yrus company, the then C E O wood to two at financial consulting agency paid as much as 7 million in consultation fee, close to thirty percent of the bid.
Normally, consulting fees for the bid only about 1% to 2%. The personage inside course of study challenge, this deal, consulting organization may get paid for lost “neutral” position.
According to the media reports, Japan’s securities and exchange commission is investigating whether the improper disclosure Olympus m&a deals information. Because targets is the enterprise, and accept the huge consulting fees two consulting institutions “A X ES America” and “A X A M investment” office located in the United States, New York city, and the cayman islands in British registered, therefore, the United States and Britain’s institutions are also involved in the investigation. Wood ford admitted, is to accept the federal bureau of investigation (FBI) and British major fraud procuratorial work bureau investigation.
Kyodo news, wood has to Japan at securities and exchange commission and the British major fraud submitted and acquisition of procuratorial work bureau related to “the books”.
The deal since exposure, Olympus stocks tumbled, wiping out close to half. Olympus have always denied the existing in the acquisition irregularities, hope to quell the matter as soon as possible, restore confidence shareholders.
GaoShanXiu a 27 held a press conference, said Olympus and not to buy G yrus company pay too much consultancy fees, the costs are based on “reasonable assessment” of the foundation. Olympus in a statement, reiterated that the Pope in expanding the core business deal made important contribution, Olympus does not think it paid consulting fees of too high. GaoShanXiu a commitment to the public will explain this pile the deal.
Because the Pope transaction, Olympus in half a month has two replace President. Wood was fired at 14,, the minister for 47 years in Olympus chrysanthemum sichuan just take over President. 26, Olympus and declared that chrysanthemum sichuan just “deal with poor media reports,” give “users, business partners and shareholders bring trouble”, remove the presidency, GaoShanXiu by a take over.
Wood ford said, he was fired because he questioned the Olympus in 2006 to 2008 in a series of payment, he also had to write for sichuan just left chrysanthemum.
It is reported, at present the Olympus the chairman and chief executive position still open. GaoShanXiu YiJin, age 61 Olympus has played in 41 years. Chrysanthemum sichuan just announced his resignation, 27 Olympus shares rose 23.29%, to close at 1355 yen per share.
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